All Forum Posts by: David Call

@Jeff Cua

As an independent insurance agent, #1, you mentioned something about a hack. Are you considering using the AAA homeowners policy and leaving it in place when the tenant takes occupancy? You want to make sure that you have a landlord policy and not a homeowners policy. Never give an insurance company a reason to deny a claim because they’ll take that opportunity if you hand it to them.

Most companies here are fine that people mention. Independent agents are best simply because of the expertise and ability to find the best fit for you. Just an example would be myself. I’m closing on an investment property next month with knob and tube wiring. If I did just any old landlord policy and the house burnt down, I’m giving an insurance company a reason to deny my claim because most companies are NOT okay with that type of electrical system. Full disclosure is going to work out best in the event of a claim and having an agent that asks the right questions is pretty important.

Hello BP world!  I'm under contract for a home in Denton, TX to rent and need a great recommendation for a home inspector that will service Denton.  The house is a single story, pier and beam home around 2100 sf with a garage apartment.  Know someone great?

Cameron is correct. As an independent agent, there are a lot of good options....We're having great luck with Safeco, Germania, Travelers and State Auto(depending on the location) for our investor portfolios in Texas. Reach out to me if you need more information.

Hello Jennifer, Safeco does AIRBNB coverage now on landlord policies.  This is relatively new and they are very competitive in Texas on those policies.  Let me know if you have more questions about it.

Hello Alfredo, what state are your rentals located?  Most people are comfortable with a DP3 policy which is most similar to a homeowners policy with a 1% deductible.  The premiums vary from location to location.  Here in DFW/North Texas, the rates are almost 2x as much as they are in Austin, TX so it can vary wildly.  In UT the premiums are going to be in the mid $500s/yr which is unheard of in Texas.

Texas Rental Property Insurance - Ryan Everet Insurance (texasautohome.com)

Hello Vaishnavi - here is an article on the different types of policies available for insuring a rental property.  Feel free to DM me your email address and I'll send you the Investors Guide to insuring rental property.  Even if you already have secured a policy, this will be helpful information for future purchases.  

Hello Kim - I'm in Texas and work with a LOT of investors here. From what I see, the LLC is a good thing to have to add some layer of liability protection but when it comes to getting insurance (my job), you'll have many more options on landlord insurance if you get the policy in your personal name and then add the LLC as an Additional Insured. I believe the same applies to mortgage financing. When it comes to borrowing money as the LLC or getting insurance as the LLC, you're usually forced to go with commercial lending or business insurance and the options become narrow pretty quickly.

Yes - BTW, I recommend anyone with a rental property to have an umbrella policy as well as liability on the underlying policy.  With liability limits of $500k on each property policy and a $1mil+ Umbrella for all properties, you should be good with that until you get more than 5-8 properties.

Good morning Corbin.  In my opinion, you have to have a few things in order to get into any business - including real estate.  1. Opportunity - if you keep your ears to the ground and surround yourself with smart people in the industry, you'll eventually be presented with an opportunity that might be a good deal for you.  2.  Resources  -- it's hard to capitalize on any Opportunity if you don't have the resources available in the form of cash or financing available.  3. Knowledge - you need to become a student of the craft in order to learn the basics so you don't lose your shorts.  

Hello Jennifer, reach out to an independent agent in Ohio and they can help you get the best coverage for what you're needing.  I'm one in TX but I know some different people around the country.  Try Carrie Reynolds in OH - I can send you a DM with her info if you want.

Todd Payne is an agent with Prosper Insurance in SoCal and can do business statewide - 858-581-2131.

Shane Eastman is in N. Cali and can also do business statewide - 704-402-8887